BLOCKCHAIN: CONSISTENT POLICIES
Opportunity (future state)
Focus on blockchain by Congress and legisaltures provides an OPPORTUNITY to create awareness of ESRA principles among decision-makers on issues involving crypto currencies and smart contracts.
Threat (future state)
State legislatures are considering bills that amend UETA and seek to redefine key components of technology neutrality.
In July 2016, the US House of Representatives passed a non-binding resolution calling for a national technology innovation policy that includes supportive language for digital currencies and blockchain technology. The resolution calls on the US government to craft a national policy for technology, with specific mentions for digital currencies and blockchain. On Feb. 9, 2017, Rep. Jared Polis (D-Colo.) and David Schweikert (R-Ariz.) announced the launch of the Congressional Blockchain Caucus. The bipartisan Caucus will be dedicated to the advancement of sound public policy toward blockchain-based technologies and digital currencies. The Congressional Blockchain Caucus will seek to educate, engage, and provide research to help policymakers implement smart regulatory approaches to the issues raised by blockchain-based technologies and networks.
In the ensuing months, several states have introduced—and some have passed—bills intended to further the adoption of blockchain technology, but in so doing they are creating confusion and potentially undermining the overlay characteristics of UETA.
Awareness among Members and staff of federal laws already in place, including ESIGN and UETA. Solidify general understanding and acceptance of ESRA principles.